"In a significant deal, a Long Range I tanker has been chartered for delivering a parcel of 55,000 mt of Iranian naphtha to Japan next month, several brokers, owners and charterers said Monday. A 2009-built, Bahamas-flagged tanker, the 75,000 dwt Gulf Cobalt has been placed on subjects by Mitsui and loading is scheduled in the next two weeks at one of the Iranian ports, shipping industry sources tracking the developments told S&P Global Platts. Mitsui officials could not be immediately reached for comment but shipping sources tracking the deal said that there is also an option to take the cargo to other parts of North Asia. The deal is important because if the option to discharge the cargo at one of the Japanese ports is exercised, it will be one of the first LR1 tankers to deliver Iranian naphtha into the country after the sanctions were eased on the Persian Gulf nation last year." (Platts, "Tankers: Mitsui takes LR1 To Ship Iran Naphtha to Japan: Industry Sources,"2/6/2017).

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"Conservative Japanese firms have so far held off taking Iranian crude due to a lack of internationally acceptable insurance coverage, but are looking at ways of using cover provided by the Japanese government, the sources said. The traders seeking to restart purchases together imported around 50,000 barrels per day (bpd) of Iranian oil before sanctions were imposed and renewed purchases would give a boost to Tehran's aim of increasing its exports to 4 million bpd... Earlier this month, Mitsui & Co resumed taking Iranian oil for the first time since at least 2012, co-loading Iranian condensate with a major Japanese refiner on a tanker, a source familiar with the shipping schedule said..." (Reuters, "Some Japan trading houses eye resuming Iran oil imports-sources," 10/19/2016).

“Japan's Mitsui Company has announced that it is ready to invest $4 billion in Iran's railway, airport, port and shipping projects. Senior officials from the Japanese company met with officials from Iran's Transport and Urban Development Ministry, discussing the investment opportunities, Iran's Mehr news agency reported on May 9. In March, Iranian Foreign Minister Mohammad Javad Zarif said Japan has been an important trading partner to Iran, but unfortunately because of sanctions, there has been a sharp drop in the trade relations. ‘It is important for us to take advantage of the opportunity provided by the result of development in the international scene,’ he said, referring to a deal between Iran and six countries struck in November to curb Tehran's uranium enrichment in exchange for the easing of tough international sanctions.” (Trend, “Japanese company ready to invest $4 bln in Iran’s transport projects,” 5/9/14)

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"Japanese shipping company Phoenix Tankers is one such company. Phoenix shipped Iranian LPG to South Korea earlier this year on a spot basis, said Tetsutaro Kozai, a spokesman at Mitsui OSK, the parent company of Phoenix. 'It is now up to our customers as the EU has discussed but not yet decided if LPG is subject to sanctions,' he said. 'If there is such a spot order, we'll comply with the EU's decision and consider if we can transport safely before accepting it.'" (Reuters, "EU sanctions strangle Iranian LPG exports to Asia," 10/31/2012")

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"Nova Tankers, the Copenhagen-based operator of a pool of ships including vessels owned by Mitsui O.S.K Lines Ltd., won't load Iranian crude because of European sanctions, Managing Director Morten Pilnov said by phone from Singapore on Feb 9." (Bloomberg, "Iran Sanctions Tighten as OSG to Frontline Halt Crude Cargo," 2/13/2012)

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"Iran's Petrochemical Commercial Co (PCC) sold 15,000-23,000 tonnes of ammonia for late October lifting to Japanese trader [1]Mitsui at $420/tonne (€307/tonne) FOB (free on board), market sources said on Thursday. The price was $10/tonne higher than the last concluded sale out of the Middle East amid limited supply and healthy demand, they said. From Qatar Fertilizer Co (QAFCO), Mitsui bought a spot cargo for mid-October loading at [2]$410/tonne FOB on 16 September, sources said." (Chemical News & Intelligence, "Iran's PCC sells up to 23,000t ammonia to Mitsui at $420/tonne," 9/30/10)

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"Mitsui has purchased an Iranian ammonia cargo for August shipment at $315/tonne (€246/tonne), up by $20/tonne from its last buy, amid a firmer market, a source with the Japan-based trader said on Thursday. The 23,500-tonne cargo was purchased from Iran's Petrochemical Commercial Co on a free on board (FOB) basis, the source said. The Tilos vessel is due to arrive at the port on 27 July and the cargo is to be lifted in the second half of August, the source said, adding that the shipment is expected to sail to India. Mitsui last purchased ammonia from Petrochemical Commercial in late June at $295/tonne FOB for late-July/early-August shipment from the port of Bandar Imam Khomeini." (Chemical News & Intelligence, "Mitsui buys 23,500-tonne Iran ammonia cargo at $315/tonne," 7/22/10)

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"Mitsui's business in Iran goes back to the 1970s, according to a company history, and its Web site lists a current office in Iran. Mitsui & Co., Ltd. has arranged financing provided by export credit agencies for the principals of industrial projects in Iran that have been planned, owned and operated by companies in which the government has a direct or indirect equity share, according to company spokesman Shinji Takeuchi. He said that Mitsui & Co. is also involved in supporting the purchase of crude oil, oil products and petrochemical products from Iran for sale in Japan and other Asian countries. Mitsui's lucrative work for the United States government includes providing platinum to the United States Mint for coins." From 2000-2009, the company was the recipient of $768.6 million US federal funds. Their investments are currently active in Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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The U.S. has not begun to exercise its leverage in that area. Consider that in the last two years, Brazil's Petrobras, China's Sinopec, Italy's Eni, Japan's Mitsui Petrochemical and Norway's Statoil have all reportedly made deals worth more than $10 million each in Iran's energy sector. All are listed on the New York Stock Exchange (except for Mitsui's parent, which is on the Nasdaq). Should Iran's economic enablers be listed on American exchanges? (The Wall Street Journal, "The Right Sanctions Can Still Stop Iran," 12/10/09)

Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, "List of Companies Doing Business With State Sponsors Of Terror," Removed from the Internet in July 2007)

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Mitsui Engineering and Shipbuilding was up 4.2 pct or 8 yen at 200 following a report it won a 35 bln yen contract to build an ethylene glycol factory in Iran. (AFX, "Tokyo stocks slightly higher at lunch on foreign investor-led buying," 2/21/05)

Response:

Response: “We are determined to continue our efforts to ensure full compliance with the evolving laws and regulations relating to Iran sanctions.” (December 2, 2016)